Health Care Sector Update for 10/30/2017: PTIE,CRME,COM.TO,PSTI

Health care stocks extended their sharp declines today, with the NYSE Health Care Index dropping nearly 1.1% while shares of health care companies in the S&P 500 also were down over 1.0% as a group.

In company news, Pain Therapeutics ( PTIE ) stumbled Monday, dropping almost 10% to a session low of $3.49 a share, after the specialty pharmaceuticals company today said it will be meeting next month with federal regulators to discuss a new drug application for its extended-release Remoxy ER formulation of oxycodone with abuse-deterrent properties for the treatment for severe chronic pain.

The company said it expects to use the Nov. 14 meeting at the U.S. Food and Drug Administration headquarters to familiarize agency personnel with the data it expects to submit with the upcoming regulatory filing and to determine how best to present that information as well as working to determine if there still are any unresolved issues from the FDA's complete response letter last year.

In other sector news,

(+) CRME, Begins commercial launch of it Xydalba drug treatment of acute bacterial skin and skin structure infections in three more European countries - Sweden, Finland and Ireland. Xydalba previously was approved by the FDA in 2014.

(-) PSTI, Discloses plans for a $14.5 mln public offering of up to 9 mln shares on the Tel Aviv Stock Exchange priced at a minimum $1.67 apiece - a discount to Friday's closing price.

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